NEW DELHI: Surging liquefied natural gas (LNG) prices are pushing buyers to look at securing long-term contracts possibly with an option for a floor and ceiling price to hedge against extreme volatility, the CEO of a top gas importer said on Friday.
“Such a volatility was never seen in the history of LNG markets. We have seen the lowest and the highest prices in the last one year,” AK Singh, chief executive of Petronet LNG , told the India Energy Forum by CERAWeek, an industry event.
Asia spot LNG prices dropped to a record low of below $2 per million British thermal units (mmBtu) in May last year when coronavirus-induced lockdowns depressed gas demand.
